Descripción
, JOSÉ IGNACIO MARÍN ARCAS.//GRUPO EDITORIAL CRCULO ROJO SL
SPAIN IN CRISIS (2007-2014). A VIEW FROM THE EUROTOWERTHIS BOOK OFFERS IN FOUR VOLUMES A DETAILED NARRATIVE OF THE CRISIS IN SPAIN (2007-2014), FROM THE PERSPECTIVE OF SOMEONE WHO FOLLOWED IT CLOSELY AT THE EUROPEAN CENTRAL BANK:√¢ VOLUME I. FROM THE FINANCIAL CRISIS TO THE SOVEREIGN DEBT CRISIS (2007-APRIL 2010).√¢ VOLUME II. SPAIN DELAYS BEING RESCUED (MAY 2010-JULY 2011).√¢ VOLUME III. RESCUING SPAIN (AUGUST 2011-JULY 2012).√¢ VOLUME IV. OVERCOMING THE CRISIS (AUGUST 2012-2014).THIS SECOND VOLUME NARRATES THE UNFOLDING OF THE SOVEREIGN DEBT CRISIS. WHEN IT ERUPTED IN GREECE, THE SPANISH ECONOMY WAS ALSO AT RISK OF BEING RESCUED, LIKE IRELAND AND PORTUGAL. PRESIDENT ZAPATEROS U-TURN ANNOUNCED IN MAY 2010 TEMPORARILY STABILIZED THE SITUATION, ALTHOUGH THE SMALL REDUCTION OF THE BUDGET DEFICIT, THE PARTIAL DESIGN OF REFORMS AND THE SLOW PROGRESS IN RESTRUCTURING BANKS CONTINUED FUELING DOUBTS AMONG FINANCIAL MARKET PARTICIPANTS.IN THE AUTUMN OF 2010, A FRANCO-GERMAN AGREEMENT ANNOUNCING THE POSSIBILITY OF PUBLIC DEBT CUTS AS PART OF BAILOUTS UNSETTLED FINANCIAL MARKETS. AS THE ECB REFUSED TO CONTINUE FINANCING THE RESTRUCTURING OF THE BANKRUPT IRISH BANKS WITH SHORT-TERM CREDITS, IRELAND HAD TO REQUEST A BAILOUT. THE SOVEREIGN DEBT CRISIS THREATENED PORTUGAL, WHOSE FISCAL POLICY TO SUPPORT THE ECONOMY WAS PROVING COUNTERPRODUCTIVE, AND WOULD REQUEST TO BE BAILED OUT BY THE SPRING OF 2011.THE ECONOMIC POLICIES IMPLEMENTED BY THE ZAPATEROS GOVERNMENT WERE NOT WORKING AND THE SPANISH ECONOMY WAS FALLING INTO A SECOND RECESSION. PRESIDENT ZAPATERO ATTEMPTED TO CONTAIN FINANCIAL MARKETS PRESSURES BY FOLLOWING THE LINES OF LEAST RESISTANCE, UNTIL BEING FORCED TO CALL EARLY ELECTIONS. BY SUMMER, WITH A WORSENING CRISIS IN GREECE REQUIRING A SECOND BAILOUT AND THE POLITICAL UNCERTAINTY OF A DIVIDED GOVERNMENT IN ITALY, THE ONLY HOPE OF CONTAINING THE CRISIS WAS ECB INTERVENTION IN THE DEBT MARKETS. THE SPANISH ECONOMY WAS ON ITS WAY TO BEING RESCUED.CRITIQUES:JO
